Nektan has confirmed the appointment of joint administrators, after failing to secure the necessary funds to allow the business to continue operating.
The supplier announced on 14 April its intention to appoint an administrator, resulting in the temporary suspension of Nektan trading its ordinary shares on the Alternative Investment Market (AIM) branch of the London Stock Exchange.
After completing the process in the Supreme Court of Gibraltar, Steven de Lara of Signature Litigation Limited and Ian Defty of CVR Global LLP have been appointed joint administrators.
The supplier also mentioned Shore Capital has resigned as Nominated Adviser. While Rule 1 of the AIM states admission of the company’s securities to trading will be cancelled if a replacement isn’t appointed within one month, Nektan has no intention of appointing a replacement.
Despite this, last month Nektan reported revenue for H1 FY2020 ending 31 December 2019 was up 157% year-on-year to £797,000 ($995,860) on a continued basis, with losses after tax down 41% to £2.77m.
It’s been a tumultuous year for the supplier, which was suspended from trading on the AIM in January, after missing the deadline to publish its accounts before being reinstated several weeks later.
Gambling Insider has reached out to Nektan for comment.